Today, the second quarter report of the Ruiyuan Fund's products was released. Fund managers Fu Pengbo and Zhu Lin mentioned in the second quarter report that compared to the previous quarter's increase in stock holdings, the overall stock position of the Ruiyuan Growth Value Fund in the second quarter decreased to 87.83%, but the Hong Kong stock position further increased to 23.63%. The report mentioned that in the second half of the year, the market may face some driving factors for an upward trend, such as improving real estate data better than expected, market sentiment boosted by the Third Plenum policies, and accelerated issuance progress of national and local bonds. Currently, we will dynamically respond to market changes and control the portfolio's drawdown. As of the end of the reporting period, the net asset value of the Ruiyuan Growth Value Hybrid A Fund shares was 1.1053 yuan, with a growth rate of 1.66% during this reporting period, while the benchmark yield for the same period was 0.00%. As of the end of the reporting period, the net asset value of the Ruiyuan Growth Value Hybrid C Fund shares was 1.0823 yuan, with a growth rate of 1.56% during this reporting period, while the benchmark yield for the same period was 0.00%. Regarding portfolio adjustments, Fu Pengbo said that the proportion of the top ten holdings has increased. They have increased their holdings in stocks of machinery equipment, power equipment, and energy sectors, reduced their holdings in telecom operators but the magnitude of change is limited, and the holdings of other key companies have remained almost unchanged. There have been relatively more changes in stock holdings after the top ten holdings, reducing companies that have pressure on fundamentals, mismatch in valuation and growth. Specifically, as of the end of the second quarter of this year, the fund's top four major holdings remained consistent with the end of the first quarter, namely China Mobile (600941.SH), CATL (300750.SZ), Luxshare Precision (002475.SZ), and Tencent Holdings (00700), except for CATL, the other three stocks have been reduced, with Luxshare Precision being reduced by more than 3 million shares, and China Mobile by more than 1 million shares. In addition, the holdings of Wanhua Chemical (600309.SH) have also decreased compared to the previous period, while Tongwei Co., Ltd. (600438.SH) and Oriental Yuhong (002271.SZ) have exited the top ten major holdings. Maiweigufen (300750.SZ) has been increased to the fifth major holding, Guanghui Energy (600256.SH), Sannuo Bio (300298.SZ) have also increased their holdings, Haigeria Medical (06078), and Giant Star Technology (002444.SZ) have entered the top ten major holdings. Fu Pengbo said that as listed companies disclose their interim reports one after another, they will actively seek growth companies, and the process and standards of screening will be more cautious, evaluating the ability of target companies to create future cash flow, focusing on the odds and success rate of stock selection. In the second half of the year, the market may face some driving factors for an upward trend, such as improving real estate data better than expected, market sentiment boosted by the Third Plenum policies, and accelerated issuance progress of national and local bonds. Currently, we will dynamically respond to market changes and control the portfolio's drawdown.